Paving the Way to Pay Dirt

Fortune Minerals Limited and the Tłı̨chǫ government recently entered a joint venture to build an all-season road to access the NICO mineral deposit.

The NICO Project Access Road (NPAR) will stretch 51 kilometres across Tłı̨chǫ private lands to connect the mine to the Northwest Territories highway system. The project is backed with conditional approval from the Government of Canada’s First and Last Mile Fund that will reimburse up to $50 million.

Located in a remote area of the Northwest Territories, Fortune Minerals’ NICO mineral deposit contains cobalt, gold, copper, and approximately 12% of global bismuth reserves, making it the largest known source of this critical mineral.

These minerals are used in everything from vehicle batteries and electronics to industrial manufacturing and healthcare products. They are core elements of Alberta’s manufacturing and technology industries, and essential energy, transportation, and consumer technologies would not be able to function without them.

From Ore to Opportunity

The NPAR builds on the momentum established through Fortune Minerals’ NICO pilot project.

Jointly funded by Natural Resources Canada, the United States’ Department of Defense, and Alberta Innovates in 2023, the pilot focused on validating Fortune Minerals’ proprietary processes to improve recovery of cobalt, bismuth, copper, and gold from the NICO mineral deposit.

The results were promising. Fortune Minerals saw increased yields for all target metals and reduced commissioning risks, laying the foundation for the NPAR and future development.

The pilot project also brought benefits beyond data by helping the Canadian mining company carve out new relationships in Alberta’s innovation ecosystem, including with Alberta universities. Fostering meaningful connections is an integral part of the Alberta Innovates’ process. Diverse networks create opportunities for future cross-sector collaboration and knowledge sharing, while breaking down information and research silos.

Forging the Path Forward

Once NPAR construction is complete, the access road will allow transportation of extracted ore from the Northwest Territories to Fortune Mineral’s proposed hydrometallurgical refinery in Lamont County, Alberta. There, metal concentrates will be processed into the cobalt sulphate, gold doré, bismuth ingots and oxide, and copper cement that make up the backbone of other industries.

Establishing a domestic supply chain of critical minerals and refined products is a strategic priority for both the provincial and federal governments. The Alberta Technology and Innovation Strategy 2.0 and the Canadian Critical Mineral Strategy both speak to potential the economic impacts, as well as the benefits of reducing reliance on international markets.

The NPAR and the wide NICO Project are a significant step toward that shared vision.

As the world seeks to secure materials for tomorrow's technologies, projects like NICO highlight an increasingly important reality: the future of critical minerals depends not only on what lies beneath the ground, but on the networks, partnerships, and infrastructure that make those resources accessible and economically viable.